Energy

The myth about electric vehicles.  Plus, Air Canada is no longer the most shorted security on the TSX, and head-turning big-bank GIC rates

The myth about electric vehicles. Plus, Air Canada is no longer the most shorted security on the TSX, and head-turning big-bank GIC rates

The most jarring statistic of this week came from Morgan Stanley energy analyst Martijn Rats, who noted that while 72 per cent of new cars in Norway are electric vehicles, oil consumption in the country hasn’t changed. This data point underscores the extent to which electric vehicles are not a panacea for climate change, and …

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DCG’s Barry Silbert writes letter to investors after FTX collapse

Barry Silbert, the founder of crypto conglomerate Digital Currency Group, has joined a growing list of industry leaders in trying to settle investors’ nerves after the sudden collapse of FTX. In a note to shareholders on Tuesday, Silbert addressed all the “noise” about the financial health of DCG’s subsidiaries, which includes trading firm Genesis, Grayscale …

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Here’s the apology letter Sam Bankman-Fried sent to FTX employees

Sam Bankman-Fried, co-founder and CEO of FTX, in Hong Kong, China, on Tuesday, May 11, 2021. Lam Yık | Bloomberg | Getty Images FTX’s ex-CEO Sam Bankman-Fried blamed his “irrational decisions” on “sh—y” circumstances in a letter obtained by CNBC that was sent to employees of the bankrupt crypto exchange. Bankman-Fried said he “froze up …

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New York governor signs law cracking down on bitcoin mining

These machines, known as mining rigs, work round the clock to find new units of cryptocurrency. Benjamin Hall | CNBC New York Gov. Kathy Hochul signed a law Tuesday banning certain bitcoin mining operations that run on carbon-based power sources. For the next two years, unless a proof-of-work mining company uses 100% renewable energy, it …

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China’s Zero-Covid Tweaks Are A False Flag For Oil Markets

The bullish reaction in several of the world’s leading stock markets on the news that China has ‘relaxed’ its economy-crimping ‘zero-Covid’ policy was misplaced from all perspectives. Broadly, first, China has not relaxed its zero-Covid at all, it has merely made some minor adjustments. Second, these minor adjustments will make the net effect of its …

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China signs 27-year gas deal with QatarEnergy to secure supply | Business and Economy News

QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas (LNG) in the longest such agreement to date, as volatility drives buyers to seek long-term supplies. Since Russia’s invasion of Ukraine in February, competition for LNG has become intense, with Europe, in particular, needing vast amounts to help replace Russian pipeline …

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Qatar seals 27-year LNG deal with China as competition heats up

Talks with other Chinese, European buyers ongoing -Kaabi Says buyers may take up to a 5% stake in expansion Says deal signals importance of secure long-term supply DOHA, Nov 21 (Reuters) – QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas in the longest such LNG agreement to date as …

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Exxon Mobil, Chevron and ConocoPhillips challenged over tax practices

Speaking late last month, US President Joe Biden threatened to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices. Brandon Bell | Getty Images Oxfam on Monday filed shareholder resolutions against US oil giants Exxon Mobil, Chevron and ConocoPhillips, saying a lack of transparency over their global …

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Grayscale won’t share proof of reserves due to ‘security concerns’

The SEC on Wednesday rejected Grayscale’s application for a spot bitcoin ETF, citing a failure by the investment manager to answer questions about concerns around market manipulation. Nurphoto | Nurphoto | Getty Images Grayscale, the asset manager running the world’s largest bitcoin fund, said in a statement that it won’t share its proof of reserves …

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Energy stocks are in a bubble — and here’s when they’re likely to crash

Oil and gas stocks are likely in a market bubble that’s vulnerable to popping. That’s the conclusion when applying a formula from recent academic research into the predictability of stock market bubbles and subsequent crashes. The research, which appeared in the Journal of Financial Economics, was conducted by Robin Greenwood and Andrei Shleifer of Harvard …

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